early withdrawal from IRS before 59.5

Forum|Forum|1 year ago
February 14, 2025
1 reply
0 views

what forms are needed to use for my withdrawal. I took the wtithdrawal with a 5 yr plan before I am 59.5

SusanY1

You will report the income from your Form 1099-R provided by the bank, brokerage firm, or other entity that is the custodian for your IRA.

They should be aware that you are using the "substantially equal series" exception to the and report it with a Box 7 code of "2" (early withdrawal, exception applies).

If the code is, instead a "1" you will need to be sure to answer the follow-up questions in TurboTax to remove the penalty for early withdrawal that is the default with code 1.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

DF46Author

I changed the 1 to 2 in box 7 but never got questions to answer...the amount changed for owing but Im sure it not right.

thank you

DoninGA

Employee

@DF46 wrote:

I changed the 1 to 2 in box 7 but never got questions to answer...the amount changed for owing but Im sure it not right.

thank you

If you file your return with the changes made by you on the Form 1099-R, the IRS will be contacting you since the form 1099-R that they received from the Payer will not match the Form 1099-R you filed.